According to CryptoQuant, a blockchain analysis platform, the proportion of Bitcoin reserves held by US entities is currently 65% higher than that held by non-US entities. Ki Young Ju, the CEO of CryptoQuant, stated that this ratio is obtained by dividing the known amount of Bitcoin held by US entities, including MicroStrategy, exchange-traded funds (ETFs), exchanges, miners, and governments, by the known amount held by non-US entities.
Data shows that this ratio increased from 1.24 in September 2024 to 1.66 on December 16th. As of January 6th, the ratio stood at 1.65. Throughout most of 2023, when the price of Bitcoin was below $30,000, data indicates that non-US entities held more Bitcoin than US entities.
Source: Ki Young Ju
In the past three months, former US President Trump, who supports cryptocurrencies, won the US presidential election and pledged to establish a national strategic reserve of Bitcoin. This has brought positive sentiment to the entire market, pushing Bitcoin above $100,000, and significantly increasing trading volume and capital inflows into Bitcoin spot ETFs.
MicroStrategy, the largest holder of Bitcoin globally, continues to increase its Bitcoin holdings, leading to the “Bitcoin corporate reserve trend.” Several US-listed companies have started purchasing Bitcoin, and there have been imitations by companies from other countries, such as the Japanese listed company Metaplanet.